Outsource Accounting And Bookkeeping Services
To know the true profit of the business, it is important to maintain proper books of account. It is the responsibility of the business owner to follow the principles of accounting and prepare reliable books of account. The books of account convey the true position of the business and identify the profit percentage of the business. Richmond offers high-quality accounting and bookkeeping services to small and medium enterprises (SMEs) in Singapore at an affordable cost.
Every Singapore Company must properly maintain books of accounts in order to accurately calculate its income and subsequently, furnish the true income tax returns at Inland Revenue Authority of Singapore (IRAS).
The Accounting and Bookkeeping Services of Richmond:
Composition of Bookkeeping – The bookkeeping comprises of Trial Balance, Profit and Loss Account, Equity Statement, Cash Flow Statement and Balance Sheet. All of these statements are prepared by efficient and experienced account managers who will carefully study your business operations and prepare accurate books of account.
Qualify standards – It is imperative for SMEs to prepare books of account that meet satisfy the requirements of the Singapore Financial Reporting Standard (SFRS). Richmond helps SMEs prepare reliable financial reports that are needed in the preparation of income tax returns.
Best and experienced professionals – Richmond has a diligent pool of account managers who are skilled in preparing true books of account. Knowing the financial health of your business allows you to frame future strategies and investment avenues for the business. Through the technical know-how of our team, we can interpret the current status of your business and provide actionable insights.
Auditing – Every Singapore Company needs services of accounting and bookkeeping for submitting proper income tax returns to IRAS. But, it is important to verify such accounts before submission of income statements. Auditing is the process that helps you to determine the errors and omissions to prepare the true books of accounts. Richmond also offers you auditing services at the request of the SME’s.
Books of Account Prepared by SMEs:
General Ledger – Ledger is the first book where product sales are recorded. Recording of a transaction in a ledger is the base of accounting. It is important to record a correct entry in the ledger book because all other books of accounts are dependent upon the ledger book. It is important for the account managers to record the reliable debit and credit entries to maintain true books of account.
Account Payable and Receivable – The account managers have to transfer the entries into the payable and receivable books to ensure accuracy in recording.
Bank Reconciliation Statement – This statement is important to verify the bank entries that help to identify incorrect bank transactions.
Cash Flow and Budgeting – Cash flow is prepared to record the cash entries and figure out the cash in hand of the business.
Financial Statements – Financial statements comprises Profit and loss account and the balance Sheet of the SME’s. Balance sheet conveys the true financial position of the business and profits earned by the company.
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